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MIRA INFORM REPORT
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Report No. : |
487902 |
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Report Date : |
23.01.2018 |
IDENTIFICATION DETAILS
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Name : |
QATAR CHEMICAL AND PETROCHEMICAL MARKETING AND DISTRIBUTION COMPANY (MUNTAJAT) QJSC |
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Registered Office : |
Al Dana Tower,
Street No. 837, Block 7, Area 61, West Bay, 24445, Doha |
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Country : |
Qatar |
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Date of Incorporation : |
01.12.2012 |
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Com. Reg. No.: |
57121 |
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Legal Form : |
Qatari Joint
Stock Company |
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Line of Business : |
Subject engaged
in the marketing of petroleum, petrochemical, polymer and fertilizer products |
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No. of Employees : |
120 |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
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MIRA’s Rating : |
A+ |
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Credit Rating |
Explanation |
Rating Comments |
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A+ |
Low Risk |
Business dealings permissible with low
risk of default |
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Status : |
Excellent |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
NOTES:
Any query related to this report can be made
on e-mail: infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List
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Country Name |
Previous Rating (30.06.2017) |
Current Rating (30.09.2017) |
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Qatar |
A2 |
A2 |
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Risk Category |
ECGC Classification |
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Insignificant |
A1 |
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Low Risk |
A2 |
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Moderately Low Risk |
B1 |
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Moderate Risk |
B2 |
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Moderately High Risk |
C1 |
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High Risk |
C2 |
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Very High Risk |
D |
QATAR - ECONOMIC
OVERVIEW
Qatar’s oil and natural gas resources are the country’s main economic engine and government revenue source, driving Qatar’s high economic growth and per capita income levels, robust state spending on public entitlements, and booming construction spending, particularly as Qatar prepares to host the World Cup in 2022. Although the government has maintained high capital spending levels for ongoing infrastructure projects, low oil and natural gas prices in recent years have led the Qatari Government to tighten some spending to help stem a $12 billion budget deficit in 2016 - 7.8% of GDP.
Qatar’s reliance on oil and natural gas is likely to persist for the foreseeable future. Proved natural gas reserves exceed 25 trillion cubic meters - 13% of the world total and, among countries, third largest in the world. Proved oil reserves exceed 25 billion barrels, allowing production to continue at current levels for about 56 years. Despite the dominance of oil and natural gas, Qatar has made significant gains in strengthening non-oil sectors, such as manufacturing, construction, and financial services, leading non-oil GDP to steadily rise in recent years to just over half the total.
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Source
: CIA |
SUMMARY
Company Name : QATAR CHEMICAL AND PETROCHEMICAL MARKETING AND
DISTRIBUTION COMPANY (MUNTAJAT) QJSC
Country of Origin : Qatar
Legal Form :
Qatari Joint Stock Company
Registration Date : 1st
December 2012
Commercial
Registration Number : 57121
Chamber Membership
Number : 29951
Issued Capital : QR
365,000,000
Paid up Capital : QR
365,000,000
Total Workforce :
120
Activities :
Marketing of petroleum, petrochemical, polymer and fertilizer products
Financial Condition : Undetermined
Payments : Regular
COMPANY
NAME
QATAR CHEMICAL AND
PETROCHEMICAL MARKETING AND DISTRIBUTION COMPANY (MUNTAJAT) QJSC
ADDRESS
Registered & Physical
Address
Building : Al Dana Tower
Street : Street No. 837, Block 7, Area
61
Area : West Bay
PO Box :
24445
Town : Doha
Country : Qatar
Telephone : (974) 40132574 / 40211000
Facsimile : (974) 40139140 / 40211601
Email : info@muntajat.qa
Please note that
subject’s PO Box number is 24445 and not 2445.
Premises
Subject operates
from a large suite of offices that are rented and located in the Central
Business Area of Doha.
KEY
PRINCIPALS
Name Position
·
Abdulrahman
Ahmad Al Shaibi Chairman
·
Abdulrahman
Ali Al Abdulla Managing
Director
·
Saad
Abdulla Al Kuwari Director
·
Ali
Nasser Telfat Director
·
Tapa
Kais Director
·
Yousef
Jeham Al Kuwari Sales
Manager
·
Dr Mark
Betts Operations
Manager
· Khalid Ali Al Naemi Finance
Manager
· Abdulrahman Al-Naama Administration
Manager
· Abdul Moniem Al
Majid Purchasing
Manager
· Rafic Naamani Communication
Manager
· Yousef Al Kawari Marketing
Manager
LEGAL
FORM & OWNERS
Date of Establishment : 1st
December 2012
Legal Form :
Qatari Joint Stock Company
Commercial Reg. No. : 57121
Chamber Member No. : 29951
VAT
No. : BE0567725855
Issued Capital : QR 365,000,000
Paid up Capital : QR 365,000,000
Name of Shareholder
(s) Percentage
·
Government
of Qatar 100%
OPERATIONS
Activities: Engaged in the marketing of petroleum,
petrochemical, polymer and fertilizer products.
Muntajat is now
responsible for marketing, sales and distribution activities for 100% of
chemicals, polymers and fertilisers produced in the State of Qatar. It has consolidated
chemical and petrochemical marketing and distribution efforts into a single entity to provide adroitness in doing
business and better serve global
demands.
On 20th
July 2014 Muntajat signed a two year contract with Qatar Navigation QSC for the
time charter of the LPG/C Almarona to primarily transport ammonia exports from
Qatar to Muntajat customers around the world.
On 15th December 2016 Muntajat
(Qatar Chemical and Petrochemical Marketing and Distribution Company Q.J.S.C.)
signed its first international agency marketing agreement with Total. Starting
from the 1st of January 2017, Muntajat will market a range of specialty
polymers in the Middle East. These products include 9 different grades of
Metallocene Polyethylene and 12 grades of Polystyrene.
Under the new agreement, Muntajat will act as
the marketing agent for Polyethylene and Polystyrene in Saudi Arabia, Oman,
Bahrain, Kuwait, United Arabic Emirates, Qatar and Jordan. Muntajat will also
be the agent for Polyethylene in Egypt. The company plans to market its
products through its network of international offices spread in the region
Represented companies:
·
Qatar
Chemical Company
·
QCHEM
II
·
QAFCO
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QAPCO
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QATOFIN
·
QAFAC
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Qatar
Vinyl Company
·
Qatar
Melamine Company
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RLOC
·
Seef
Ltd
·
Gulf Formaldehyde
Company
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Qatar
Acids Company
·
Mesaieed
Industrial City
Subject has a
workforce of 120 employees.
FINANCIAL
DATA
Companies
registered in Qatar are not legally required to make their accounts public and
no financial information was released by the company or submitted by outside
sources.
BANKERS
·
Doha
Bank Ltd
PO Box: 3818
Doha
Tel: (974) 44435444
Fax: (974) 44416631 / 44410625
PAYMENT
HISTORY
Regular
GENERAL
COMMENTS
The subject and its
shareholders/owners have been searched in the following databases; Office of
Foreign Assets Control (OFAC), United Nations Security Council Sanctions,
Australian Sanctions List, US Consolidated Sanctions List, EU Financial
Sanctions List and UK Financial Sanctions List and nothing adverse could be
found on the exact names listed within the report.
During the course
of this investigation nothing detrimental was uncovered regarding subject’s
operating history or the manner in which payments are fulfilled. As such the
company is considered to be a fair trade risk.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
INR 63.89 |
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|
1 |
INR 88.59 |
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Euro |
1 |
INR 78.12 |
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QAR |
1 |
INR 17.54 |
Note:
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
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Analysis Done by
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DIV |
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Report Prepared
by : |
KET |
RATING EXPLANATIONS
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Credit Rating |
Explanation |
Rating Comments |
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A++ |
Minimum Risk |
Business dealings permissible with minimum
risk of default |
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A+ |
Low Risk |
Business dealings permissible with low
risk of default |
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A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
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B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
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C |
Medium High Risk |
Business dealings permissible preferably
on secured basis |
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D |
High Risk |
Business dealing not recommended or on
secured terms only |
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NB |
New Business |
No recommendation can be done due to
business in infancy stage |
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NT |
No Trace |
No recommendation can be done as the
business is not traceable |
NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.
This score serves as a reference to assess
SC’s credit risk and to set the amount of credit to be extended. It is
calculated from a composite of weighted scores obtained from each of the major
sections of this report. The assessed factors are as follows:
·
Financial
condition covering various ratios
·
Company
background and operations size
·
Promoters
/ Management background
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Payment
record
·
Litigation
against the subject
·
Industry
scenario / competitor analysis
·
Supplier
/ Customer / Banker review (wherever available)
This report is issued at
your request without any risk and responsibility on the part of MIRA INFORM
PRIVATE LIMITED (MIPL) or its officials.